Phantom (FTM), Bittensor (TAO), and Aave (AAVE) saw the biggest gains over the past 24 hours. Altcoins are the biggest gainers among the top 100 coins by market cap as of 4 PM ET on Sept. 9. Meanwhile, Bitcoin (BTC) has recovered above $57,000 after dropping below $54,000 over the weekend.
FTM, AAVE, and TAO tokens have all seen double-digit gains, with Bittensor's price increasing by over 16% to trade above $286, while Fantom's price is trading above $0.46 and up around 14% at the time of writing, and Aave's price is hovering around $142, with the DeFi token's value increasing by over 13% in the past 24 hours.
Bitcoin price rises above $57,000
Bitcoin’s rebound above $57,000 follows a rally on Monday after BTC dipped below $54,000 over the weekend. The flagship cryptocurrency continues to experience a bear market as the fear and greed index goes into high gear, but analysts are bullish on its long-term prospects.
As mentioned above, Bernstein analysts believe the US election will be a key factor in the short term: if Donald Trump wins, the stock could soar to over $80,000.
Conversely, a Kamala Harris victory could trigger a drop to the low $30,000 range.
FTM, TAO, AAVE tokens surge
Bittensor tokens soared when Grayscale announced an AI Token Fund, allowing exposure to top AI tokens like Render (RNDR), Filecoin (FIL), and Near (NEAR). While the latest surge came amid a broader market surge, TAO appears to have kicked into higher gear as new network developments highlight staking and delegation on TAO.
Meanwhile, FTM is soaring as the community welcomes the progress of Sonic Labs. The Sonic testnet has achieved a key milestone, and Fantom founder Andre Cronje believes the Sonic blockchain network can tap into the $11 trillion market of unsecured lending.
Meanwhile, the price of AAVE appeared to bounce back after a dedicated Ether.fi (ETHFI) market went live on Aave, allowing users to borrow stablecoins such as USDC, PYUSD, and FRAX against the liquid staking token weETH.
The Aave DAO has rolled out a dedicated @ether_fi market on Aave.
Users will be able to borrow stablecoins like $USDC, $pyUSD, $FRAX, etc. against @ether_fi weETH liquidity staking tokens. pic.twitter.com/s3Met9veuU
— Aave Labs (@aave) September 9, 2024
weETH is one of the liquid re-staking tokens that enables DeFi strategies such as leveraged ETH staking, and Aave already has such a dedicated market on top Ethereum staking platform Lido.
